The CSRC Solicits Public Comments on Revision to the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies
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In order to support domestic companies to offer and list securities in overseas markets pursuant to laws and regulations, to strengthen the confidentiality and archives administration concerning such overseas securities offering and listing by domestic companies, and to enhance cross-border regulatory cooperation in this regard, China Securities Regulatory Commission (CSRC), Ministry of Finance of the People’s Republic of China (MoF), National Administration of State Secrets Protection, and National Archives Administration of China, have jointly revised the Provisions on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing (Announcement No.29  of the CSRC, hereinafter referred to as the “Provisions”). Now the revised Provisions is open for public consultations.
The revised Provisions made the following adjustments to accommodate the new circumstances and developments concerning overseas securities listing and offering: First, adding the Accounting Law of the People’s Republic of China, the Law of the People’s Republic of China on Certified Public Accountants and others as its superordinate laws and regulations; Second, expanding the scope to govern both direct and indirect overseas listing, as is consistent with the Draft Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies; Third, setting clear requirements on companies’ duty of information security by introducing clearer guidance to domestic companies, relevant securities companies and securities service providers on confidentiality and archives administration concerning overseas securities offering and listing by domestic companies; Fourth, laying a solid institutional foundation for secure and efficient cross-border regulatory cooperation and improving relevant arrangements.
China stays committed to supporting eligible companies of all types to list or offer securities in overseas markets. The revised Provisions will further strengthen the compliance of such companies and promote healthy and orderly overseas securities offering and listing. We welcome public comments on the revised Provisions. The CSRC will make further amendments and improvements, as appropriate, based on the comments received and issue the finalized revised Provisions as early as possible after fulfilling statutory procedures.